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Which Countries are Most Impacted by FTX's Collapse?

4.2 | by Julia Ng - users by country ranked_2022


South Korea, Singapore and Japan most impacted by FTX's collapse, with a combined 15.7% traffic share to

South Korea, also known as the Republic of Korea, is the hardest hit by’s collapse. Amongst all countries worldwide, the republic saw the highest traffic share of 6.1%, representing 297,229 unique users on average visiting monthly, across desktop and mobile web. The FTX fallout has propelled South Korea’s government officials to draw up the Digital Asset Basic Act, a comprehensive regulatory framework that is expected to be finalized next year. 

Singapore, recognised as Asia’s cryptocurrency hub, is the second most impacted country, making up 5% of the traffic to globally. In actual figures, this represents 241,675 monthly average unique users. The shuttering of Binance in December 2021 saw Binance users in Singapore switching to FTX, and may explain why Singapore ranks high on the list of countries impacted by FTX’s demise. In recent news, Singaporean state holding company, Temasek wrote down their $275 million investment in FTX.

Following closely and placing third is Japan, with 4.6% of traffic share – representing 223,513 unique users on average visiting monthly. Japanese investment giant, SoftBank, invested $100 million in FTX earlier this year alongside other backers like Lightspeed Venture Partners, Tiger Global and Insight Partners. Their announcement came after venture capital firm, Sequoia tweeted a memo to their limited partners, announcing FTX’s liquidity issues and marking their investment down to $0.

$2.6 billion in market capitalization wiped, as FTT token price plummets 92%

FTX’s native utility token, FTT’s market cap plummeted 90%, wiping out over $2.6 billion, since news of its liquidity crunch surfaced and Binance’s Changpeng Zhao “CZ” declared the liquidation of its FTT holdings.

FTT token price has plunged 92% from $24.01 to $1.88 as of Nov 16, 2022.

Binance and OKX gains market share, post-FTX crisis

As of November 13, Binance has benefitted from a 7 percentage point increase in market share and now dominates with 64% of the Top 10 cryptocurrency exchanges market share.

OKX's market share went from 11.9% to 13% (1.1 percentage points).


The study examines monthly unique visitors and traffic share by country on desktop and mobile web, based on SimilarWeb data from January to October 2022.

FTX users by country_traffic share_2022

*Special Administrative Region (SAR) of the People's Republic of China


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Curious to find out more about our previous research studies? Check out this one we did on Technology Startup Layoffs, by Sector.

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Julia Ng

Julia Ng

Julia leads Growth at CoinGecko and is passionate about onboarding more women onto Web3. That said, she is generally poor at timing the market, so she DCAs for safety. Follow the author on Twitter @ngxinyajulia

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